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Whilst it is not a legal requirement, public liability insurance is an important consideration for any company owner running a business that comes into contact with members of the public. It is these members of the public (known as “third parties”) who are covered by this type of insurance policy.

Businesses likely to be most at risk from public liability claims are those that have suppliers or customers who visit the business premises. Occasional accidents are virtually unavoidable and so it is important to have adequate cover in place. Most small to medium sized businesses may struggle to cover the costs of any legal expenses or compensation payments arising from an accident or damage to a client or supplier’s property. Public liability insurance ensures that a business will not lose out financially in the event of an accident.

Business contracts with suppliers or corporate partners may require that there is a minimum level of public liability insurance in place so it is necessary to understand what these requirements are before buying pubic liability insurance.

What Level Of Cover Is Available?

Most insurance companies offer between £1 million and £20 million of cover and premiums will vary according to the nature of the business and the level of cover required. Althought this may sound like a very high level of cover, having adequate public liability insurance in place is needed in order to cover things like legal fees, compensation payments and any medical costs that might arise from a claim.

Certain business types or tradesmen may be subject to requirements set out by clients or suppliers. For example, a wedding planner may need to make sure that they have the required level of cover in place in order to satisfy the demands of a venue.

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